misleading??, page-7

Imo cash-flow was impacted by approximately $7 million in on-balance sheet performance bonding, substantial investment in working capital (i.e. payments to suppliers for materials/labour prior to receiving milestones payments from customers) due to strong growth and the investment in working capital for CIA (if you look at the acquisition data, CIA was suffering from a severe working capital deficiency - probably the reason for the extremely cheap purchase price).

Having said that, AZG need to report strong cash-flow in the September quarter now that there growth has stabilised. Additionally, they need to find suitable bonding facilities for their customers to free up their own cash.